This post is part of a 3-Part series on the topic of Biases in Decision Making. Please click here for Part 1. The third installment will be posted next week.

Research in behavioral economics and social psychology continuously shows us that people are irrational when they make decisions. Dan Lovallo, professor of business strategy and Olivier Sibony, director at McKinsey & Co. are exploring the most common biases in business and how they create dysfunctional patterns of decision-making. The goal is to create a common language—when we are aware of our biases and their impact on our organizations, we have more power to overcome them.

Eva Rykrsmith is an organizational psychology practitioner. Her passion lies in bringing a psychology perspective to the business world, with the mission of creating a high-performance environment. Follow her @EvaRykr.